Cyient to own 74% stake in Rangsons Electronics
Hyderbad based Cyient, Which was earlier called as Infotech Enterprises is acquiring 74% equity stake in Mysuru, Karnataka based electronics design and manufacturing company Rangsons Electronics in an all-cash transaction. Cyient is a broad IT and electronics VLSI design services company.
Rangsons Electronics designs and manufacturers products for OEMs in defense and aerospace, medical, automotive, telecommunications, and industrial electronics segments.
Krishna Bodanapu, Managing Director & CEO, Cyient said, "With its strong domain expertise coupled with a comprehensive solution portfolio, industry-relevant processes, certifications, and global customers, Rangsons Electronics fits extremely well in Cyient’s business. The new relationship will help Cyient expand its core business while deepening partnerships with OEM customers. I look forward to working closely with the Rangsons team to achieve the maximum synergy from this acquisition, and believe that this will make our offerings even more attractive to our customers.”
“Rangsons Electronics has built India's leading platform within the electronics segment with client-centric service delivery, driven by award winning quality systems. We have found a complementary partner in Cyient, who has built a global engineering solutions business backed by strong technology and ethos. We are proud to associate with them and believe the combined entity will be positioned uniquely as an end-to-end integrated engineering, design and manufacturing provider. My team and I are very excited about this association and look forward to achieving our shared growth objectives”, said Pavan Ranga, CEO, Rangsons Electronics Private Limited.
Cyient reported a 17.8% increase in revenue in the 2014.